Unocal to Sell Western Canadian Upstream Assets

Unocal intends to seek proposals from qualified prospective purchasers for the sale of its Northrock subsidiary's western Canada crude oil and natural gas exploration and production assets. These assets would not include the company's midstream and storage assets in Canada. Any sale would be subject to, among other things, approval by Unocal's board of directors.

Unocal's western Canadian upstream producing properties are located in British Columbia, Alberta and Saskatchewan. The production from these properties in 1Q 2005, averaged 36,900 barrels of oil equivalent per day (BOED), including approximately 100 million cubic feet per day of natural gas and 20,000 barrels per day of oil and natural gas liquids (average net production after royalties in 1Q 2005 was 29,600 BOED). The majority of the production is from longer life, higher working interest, Unocal-operated fields.

The company has retained CIBC World Markets Inc. and Waterous & Co. as its exclusive financial co-advisors. Confidential information is expected to be made available to qualified prospective purchasers in June. This confidential information will be available from the agents at:
CIBC World Markets Inc.                 Waterous & Co.
     Brenda Mason, Managing Director         Hilary Foulkes, Managing Director
     (403) 260-0507                          (403) 261-4241\oilgasofferings

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